Backpack Exchange, a fully-regulated global cryptocurrency exchange, announced its acquisition of FTX EU, the European subsidiary formerly owned by the collapsed FTX. This move was closely examined and authorized by the FTX bankruptcy court, ensuring all legal approvals were secured for the acquisition. Backpack Exchange's expansion into Europe comes with the significant advantage of FTX EU's MiFID II license, which had previously been approved by the Cyprus Securities and Exchange Commission (CySEC), positioning them well for growth in the cryptocurrency sector across the continent.
This acquisition marks a crucial step for Backpack Exchange as they seek to establish a strong presence in the European market, leveraging existing regulatory frameworks and licenses. By securing FTX EU's operations, Backpack Exchange aims to offer enhanced services and competitive advantages to their users in Europe.
